Sensex up 106 points in early trade, Nifty above 16,300; metal stocks rally
In early deals, Sensex rose 106 points or 0.20% to 54,661 whereas the Nifty 50 was trading at 16,313 higher by 33 points or 0.21%
Benchmark equity indices opened higher on Wednesday tracking gains in index majors TCS, Tata Steel and Infosys. In early deals, Sensex rose 106 points or 0.20% to 54,661 whereas the Nifty 50 was trading at 16,313 higher by 33 points or 0.21%.
Gainers & losers
Top gainers & losers on the Sensex.
Sectoral strand
Sectoral indices on the NSE opened mixed. Nifty Metal, up over 2%, was the top sectoral gainer. Nifty Auto and Nifty Bank index rose 0.24% and 0.16% respectively.
On the downside, Nifty Pharma slipped 1.02% while Nifty FMCG, Nifty IT and Nifty Realty indices lost anywhere between 0.28-0.51%.
Broader market
After yesterday’s selloff, the broader markets saw a mild recovery. The BSE MidCap index opened higher by 0.15% to 22,796 whereas the BSE SmallCap index is quoting at 26,117 up around 0.20%.
Overall market breadth was negative as 1,307 shares declined compared to 1,018 advanced while 82 remained unchanged.
Earnings today
Cadila Healthcare, Aptech, Aries Agro, Ashiana Housing, Aster DM Healthcare, Antony Waste Handling Cell, Bajaj Electricals, Bata India, BF Utilities, Birla Cable, Bharat Road Network, CESC, CreditAccess Grameen, Cummins India, Endurance Technologies, Equitas Holdings, Force Motors, Greaves Cotton, HEG, IDFC, India Cement, Kolte-Patil Developers, Lemon Tree Hotels, Novartis India, Pidilite Industries, PNC Infratech, Rupa & Company, Take Solutions, VIP Industries, and VA Tech Wabag will release their quarterly earnings today.
Global markets
Overseas, Asian stocks are trading higher on Wednesday following their US peers higher as investors assessed the ability of the economy to sustain less stimulus and rising virus outbreaks.
Singapore’s trade and industry ministry said Wednesday that the economy grew 14.7% in the second quarter compared to a year ago, better than official advance estimates of a 14.3% expansion. The country also expects its economy to grow between 6% and 7% in 2021, an upgrade from past projections of 4% to 6%.
In US, the blue-chip Dow and the benchmark S&P 500 rose to record highs on Tuesday, buoyed by gains in economically sensitive value stocks after the Senate passed a $1 trillion bipartisan infrastructure package.
The US Senate on Tuesday passed a $1 trillion infrastructure package that is a top priority for US President Joe Biden, a bipartisan victory for the White House that could provide the nation’s biggest investment in decades in roads, bridges, airports and waterways.
Investors now await the consumer price index and producer price index data, both of which measure inflation and are scheduled to come out Wednesday and Thursday, respectively.